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Sep 7, 2012
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and that is why people are still calling for greater fiscal union, the banking union was seen as another step on the way. and a way to try and sever some of the linkages between the weaker sovereigns and their banking system, which was not necessarily weak. there wasn't anything wrong with, say, the italian banking system. it's just that it's stashed up with italian debt that causes its problems. >> the way you conquer problems, and this is something you'll be talking about next week, whether the ecb should have mandate to supervise or banks across the eurozone, big banks as well as small banks. the german government wants this to be a smaller mandate. if we look at what the ecb has to do after yesterday, it's a big task. can the ecb feesably manage and supervise all banks across the board? >> i don't think the ecb will become hands-on supervisor. that's still going to be done by supervisors on the ground in some kind of federation. the point is the ecb must call the shots and the ecb must call the shots for all banks in the eurozone. the way it is calling the shots has to be the same as
and that is why people are still calling for greater fiscal union, the banking union was seen as another step on the way. and a way to try and sever some of the linkages between the weaker sovereigns and their banking system, which was not necessarily weak. there wasn't anything wrong with, say, the italian banking system. it's just that it's stashed up with italian debt that causes its problems. >> the way you conquer problems, and this is something you'll be talking about next week,...
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Sep 4, 2012
09/12
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banking union. the question is, how far does that banking union go? i would imagine what people would suggest is maybe that the european banking union should be within the eurozone and then the rest of the european union, perhaps, you know, if you want, dances around the outside of that subject to the same -- >> if you're going to make the ecb the banking regulator, how does the ecb sit above the bank of england? i don't understand that. >> yeah, that was a really good article on this in "the times" where we had the circle of the dartboard -- >> it wasn't -- >> it was a dartboard because we start in the middle with hard core eurozone and go to the various groupings around how each country was. i think the ecb's role has to be defined because you'll have a lot of opposition -- >> are they capable? if you're going to give it regulatory rule -- >> that's an interesting point and we've had this with uk regulator and the question is, are the regulators manned with the appropriate man power to dot job? th
banking union. the question is, how far does that banking union go? i would imagine what people would suggest is maybe that the european banking union should be within the eurozone and then the rest of the european union, perhaps, you know, if you want, dances around the outside of that subject to the same -- >> if you're going to make the ecb the banking regulator, how does the ecb sit above the bank of england? i don't understand that. >> yeah, that was a really good article on...
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Sep 12, 2012
09/12
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jose manuel barroso is also outlining plans for an integrated banking union for all eurozone countries that would be seen. take a listen. >> the single supervisory mechanism will create -- and the proper banking authority which will restore confidence in the supervision of the banks in your area. it will be a supervision for all banks. supervision must be able to look everywhere, because systemic leaks can be anywhere. of course, which th is a system that fully engages the national supervisors. >> julia chatterly is following the story for us. she joins us from strasburg. were there any big surprises in his remarks? >> reporter: no, i don't think there was. he did mention the idea of getting a blueprint for fiscal union, political unions. so i do think not unsurprising, but it is quite early for him to be talking about that, particularly when we're talking about the supervision of eurozone banks. countries like germany suggesting that they don't want all the 6,000 eurozone banks. so perhaps not surprising, but a little early perhaps. but the details that i've seen, it is pretty much as
jose manuel barroso is also outlining plans for an integrated banking union for all eurozone countries that would be seen. take a listen. >> the single supervisory mechanism will create -- and the proper banking authority which will restore confidence in the supervision of the banks in your area. it will be a supervision for all banks. supervision must be able to look everywhere, because systemic leaks can be anywhere. of course, which th is a system that fully engages the national...
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Sep 17, 2012
09/12
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rejecting the idea speaking to silvia, the polish finance minister said banking union was less urgent. >> it's going to be very, very difficult to make the commission's self imposed did deadline. but fortunately, we're not in the situation where we have to rush to that september. and we all know that a proper banking union with all the elements is, well -- well, on the one hand will take time, but on the other hand is necessary if the monetary unions function properly. >> what's interesting, since the ecb's action, less pressing need for bailout. less pressing need for bank. i mean it's like -- >> it's true it's that paradox. you take the pressure off the need for reform. >> meanwhile commission president attempting to down play german worries. he said fears were exaggerated and he's added that it was unthinkable for savings deposits in the country to fund wider you'you are european bank requests. and spain preparing for economic reforms that could be the blueprint for conditions of a full sovereign bailout. speaking at a meeting in cypress, the dutch finance minister also told cnbc a
rejecting the idea speaking to silvia, the polish finance minister said banking union was less urgent. >> it's going to be very, very difficult to make the commission's self imposed did deadline. but fortunately, we're not in the situation where we have to rush to that september. and we all know that a proper banking union with all the elements is, well -- well, on the one hand will take time, but on the other hand is necessary if the monetary unions function properly. >> what's...
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Sep 21, 2012
09/12
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and when i say bank union, i mean three things. first european based, european wide bank supervision. because there are many discrepancies and disparities at the present in the level of strin again strength against city. they go hand-in-hand together. can we reach the tree all at once any doubt it. you cannot say we'll have a common bank supervision and for get about the other two because they go hand-in-hand together. >> clearly at the moment the ecb with its verbal intervention, they promise an o.a.t. program and sort of rode it back into the core of politicians right now, have worked really well. mar at the times have calmed down, politicians in a way have calmed down you because they're not in such a hurry to scramble for the banking unit, now they can take time to get it right. do you think this was the big game changer everybody talked about? >> to some extent, yes. because this announcement have cut down the spikes in markets jitteries. in other words, the markets were very shaky, very jittery about the public debt of these
and when i say bank union, i mean three things. first european based, european wide bank supervision. because there are many discrepancies and disparities at the present in the level of strin again strength against city. they go hand-in-hand together. can we reach the tree all at once any doubt it. you cannot say we'll have a common bank supervision and for get about the other two because they go hand-in-hand together. >> clearly at the moment the ecb with its verbal intervention, they...
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Sep 11, 2012
09/12
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and just for those wondering why all the focus on this banking union issue, jpmorgan future well. they're saying banking union is being scenes as stage one and ultimately in terms of the next integrated phase of the european union. that said, they're concerned the time frame that people expect this to be in place by which is basically january 1 is far too aggressive and politics could get in the way. >> and various institutions with the integration project, you have the democratic testify sit between them and then you get more discontent on various parts of the electorate. we keep buying time. so maybe it all works out in the end. investors bracing for a triple rally tomorrow with the german constitutional court ruling on the esm. ahead of that vote, the latest polls reveal a neck and neck race. the leader of the pro austerity liberal party and the opposition labor party would each win 35 seats in the 150 seat parliament according to the latest poll published over the weekend. both parties considered pro ire pea an, though. >> i hope everybody in the netherlands realize what is at
and just for those wondering why all the focus on this banking union issue, jpmorgan future well. they're saying banking union is being scenes as stage one and ultimately in terms of the next integrated phase of the european union. that said, they're concerned the time frame that people expect this to be in place by which is basically january 1 is far too aggressive and politics could get in the way. >> and various institutions with the integration project, you have the democratic testify...
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Sep 24, 2012
09/12
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really the banking issue should have been dealt with before we had money to the union. i think the expectation was if you have a single currency you'll get the banking union, but of course there's a lot of turf involved in regulatory issues as well there are potential financial liabilities of considerable size. and it's really that latter point which i think is a sticky one at the moment. for example the german saving, banks are proud of the fact that they have their own system of regulating deposit insurance through guarantees, they don't want to be having a special extra people yum which could be used to bail out depositors in spain. there's a very big underlying risk here which is if you have a standardized system of deposit insurance, then if one country were to leave the and you are row, who would be actually paying and sxwaguaranteeing tho ghoss. liabilities could potentially be very large because we're talking about literally trillions of deposits that would need to be covered under deposit insurance and that's all connected into the banking supervision point. an
really the banking issue should have been dealt with before we had money to the union. i think the expectation was if you have a single currency you'll get the banking union, but of course there's a lot of turf involved in regulatory issues as well there are potential financial liabilities of considerable size. and it's really that latter point which i think is a sticky one at the moment. for example the german saving, banks are proud of the fact that they have their own system of regulating...
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Sep 26, 2012
09/12
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at the same time, the european parliament is set to debate plans for a banking union in brussels today. angela merkel yesterday cautioned against moving too fast with those proposals. mario draggy speaking to german business leaders, he addressed the opposition from the bundesbank. >> i have personally an enormous respect for the bundesbank, and many of the concerns that were expressed are entirely shared. by me and the rest of the governing council, although we may have different views about the response. the benefits of this do not accrue only to countries in difficulty. they accrue to the euro area as a whole. this is particularly true for an open and outward looking country like germany. german industries is a sector deeply imbedded in the wider european economy. the stability of the euro is key to its sustained prosperity. for this reason, ecb actions to maintain price stability for the whole euro area are directly in its interests. >> speaking of central bank policy, it wasn't just plasser pouring cold water on what the fed can achieve. the federal reserve doesn't have the right
at the same time, the european parliament is set to debate plans for a banking union in brussels today. angela merkel yesterday cautioned against moving too fast with those proposals. mario draggy speaking to german business leaders, he addressed the opposition from the bundesbank. >> i have personally an enormous respect for the bundesbank, and many of the concerns that were expressed are entirely shared. by me and the rest of the governing council, although we may have different views...
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Sep 14, 2012
09/12
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, we've gone into banking supervision, banking union, how far have we gone ahead with what the esm can do or cannot do, the german finance minister pointed out here this morning before he headed into the meeting again saying no appear what and when the esm comes on board, let's not for get the big word conditionality. before we get a direct capitalization of the banks, we need a program and we need a unanimous decision of the and you are row group. so all that seems to be skvery r away. but everybody quite happy today's informal meeting will not come with decisions, just with discussions. >> silvia from cypress, thanks very much for following all of that. still to come on the program, former ecb president jean claude trichet says the eurozone must make painful adjustments. >> we cannot ask the rest of world to finance us eternally if we spend more than we earn. as simple as that. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connectio
, we've gone into banking supervision, banking union, how far have we gone ahead with what the esm can do or cannot do, the german finance minister pointed out here this morning before he headed into the meeting again saying no appear what and when the esm comes on board, let's not for get the big word conditionality. before we get a direct capitalization of the banks, we need a program and we need a unanimous decision of the and you are row group. so all that seems to be skvery r away. but...
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Sep 5, 2012
09/12
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and he supports a banking union in europe. something we'll hear more about on september 12th. it's not just watching apple's next product launch we're also waiting for this banking proposal. >> juncker, what is he going to do? >> it's okay. >> say it's okay, don't worry? >> it's interesting to see juncker coming on poerd. you can only read it as, perhaps, putting more pressure on those more hawkish officials. >> you like this next subject. >> luxury. >> swiss luxury giant has reported a bullish outlook after a 13% rise in sales for the first five months, citing solid growth in europe and china. we have more details out of details. how did this compare with what analysts were looking for? >> well, more or less along with expectations. i guess that's fair to say. richemont up by almost 1%. expectations were pretty high, yes, but we knew that. last month they said it expects operating and net profit for the first six months of the year to rise by between 20% and 40%. we knew this was going to be a solid set of numbers. ross, let
and he supports a banking union in europe. something we'll hear more about on september 12th. it's not just watching apple's next product launch we're also waiting for this banking proposal. >> juncker, what is he going to do? >> it's okay. >> say it's okay, don't worry? >> it's interesting to see juncker coming on poerd. you can only read it as, perhaps, putting more pressure on those more hawkish officials. >> you like this next subject. >> luxury. >>...